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HUD Housing Counseling Exam/ 357 Quizzes & Correct Ans. Type of credit used - Answer: Positive: Different types of credit show variety - demonstrates that consumers can manage different types of credit Negative: Fever types show limited profile info - higher risk Length of credit history - Answer: -How long a person has bad credit Positive: Longer credit history provides more info for lenders - lower risk Negative- shorter history provides little to no info for lenders - higher risk ...

HUD Exam- Homeownership/ Questions with Certified Answers. A client spoke with five lenders. Four of the five lenders quoted interest rates between 4.1% and 4.6%. One lender mentioned a 3.1% interest rate if she signed for it within the next 36 hours. She was very interested in this loan, so she asked for more information (e.g., conditions and fees). The lender provided some information about the loan, but nothing included the APR. Which regulation deems this practice unlawful? A. ECOA B. R...

Certified Apartment Manager (CAM) 383 Q&A/ A+ Score Solution. Describe cost-benefit analysis. - Answer: Process of weighing a potential expense against a potential benefit. What is the most important thing to keep in mind when developing a budget? - Answer: The owners property objectives and investment goals. What are the steps to the budget development process? - Answer: Identify goals gather information assign numerical values When would you develop Rehap or Renovation budget? -...

Fair Housing Exam/ Questions & Correct Answers. Refusing to make loans or issue insurance policies in certain areas is known as Select one: A. blockbusting. B. steering. C. puffing. D. redlining. - Answer: redlining. Panic selling for financial gain by insinuating that a minority group is moving into the area is known as Select one: A. steering. B. blockbusting. C. redlining. D. permissible practice. - Answer: blockbusting. All of the following agencies are responsible for e...

HUD Exam – Tenancy/ Questions with Certified Answers. Tamika is trying to decide whether staying in a transitional shelter is the right option for her and calls Jake for advice. All of the following are true statements about transitional shelters which Jake might share with Tamika, except: A. They typically house those who are ready to leave emergency shelters but still need assistance transitioning to independence. B. They are a viable option for affordable housing. C. Some shelters o...

HUD Housing Counseling Exam/ 251 Q&A/ A+ Score Solution Steps to create an Action Plan - Answer: - State goal - Identify obstacles - Agree on livable budget - Steps with dates to achieve goal - List who is responsible for steps - Signature (optional) - follow up and update Which of the following is not needed in determining a budget? - Pay stubs - Credit report - Utility bill - Child support - Stock dividends - Answer: Credit report Stock dividends Tran would like to take ...

HUD Practice Exam/ 89 Q&A/ Newly Updated Which is the minimum qualifying credit score for an FHA mortgage if the client made a 3.5% down payment? - Answer: 640 A client has saved money for a small down payment and closing costs to purchase a $100,000 home in the city. The client is deciding whether to begin the homebuying process now or continue saving for a larger down payment. Client Profile ► Credit Score - 700 ► Monthly income - $3,000 ► Savings - $15,000 Types of Loans ...

HUD Housing Counselor Exam/ 71 Questions with Definitive Solutions Conciliation Agreement - Answer: A written agreement setting terms for the resolution of the issues in conciliation. Consolidated Plan - Answer: A plan designed to help states and local jurisdictions to assess their affordable housing and community development needs and market conditions, and to make data-driven, location-based investment decisions. Conventional Loan - Answer: A mortgage loan backed by private lenders. T...

HUD Housing Counselor Certification Practice Exam/ 127 Q&A. A client wants to customize his home with do-it-yourself projects, this is an indication the client is best aligned with which housing option; Home-ownership or Renting? - Answer: Home-ownership The client's gross monthly income is $4167 and the monthly debts are $435. What is the maximum mortgage payment (rounded to the nearest dollar) for which this client would qualify using a standard conventional loan? - Answer: $1,065 N...

HUD Practice Test Quizzes and Correct Answers/ . A client is in the process of purchasing a home with a sales price of $162,000. The client has a net worth of $50,000, a credit score of 680, and a debt-to-income ratio of 36%. The home has appraised for $155,000. Which factor of creditworthiness will most likely be an obstacle to purchasing the home? - Answer: Collateral When a lender inquires about how much money a borrower has saved for a down payment on a home, what factor is being cons...